On Tuesday, Sen. Ron Wyden (D-Ore.) introduced a bill to change the 20 percent deduction for pass-through entities under the 2017 Tax Cuts and Jobs Act.
Tag Archive: Pass-through tax rate
NSBA has endorsed new legislation, the Main Street Certainty Act, which would make permanent the 20-percent pass-through deduction under the Tax Cuts and Jobs Act.
Last week, Treasury and the IRS released final regulations for the 20 percent passthrough deduction on qualified business income.
On Dec. 22, President Trump signed into law the Tax Cuts and Jobs Act (H.R. 1), lowering taxes on corporations, individuals and modernizing U.S. international tax rules.
With the House and Senate approving the Tax Cut and Jobs Act (H.R. 1) this week, President Trump is poised to sign into law the most sweeping tax reform bill in decades.
Tax bill conferees have recently been named and will begin working on compromise language between the House and Senate passed versions of the bill with a goal of completion by Dec. 22.
NSBA provides a detailed analysis on the recently-released Tax Cuts and Jobs Act of 2017 (H.R. 1) which would have significant impacts on numerous sectors of the economy.
The new Tax Framework proposes a 25 percent tax on pass-through business income, but would likely limit the lower tax rate to only a portion of pass-through income.
NSBA recently applauded the tax reform framework's efforts to ease complexity, but urged parity among corporate and individual tax rates--where the majority of small-business income is taxed.
On Sept. 27, leaders in both chambers of Congress and the administration released the Unified Framework for Fixing Our Broken...